Latest reading: Harmonized consumer prices increased 3.7% in annual terms in May, following a 3.4% rise in the previous month....
Inflation in Spain
Harmonized consumer price inflation averaged 1.9% in the ten years to 2024. The 2024 average figure was 2.9%. For more inflation information, visit our dedicated page.
Spain Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Spain from 2014 to 2025.
Source: Macrobond.
Spain Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 3.0 | 8.3 | 3.4 | 2.9 | 2.6 |
| Inflation (HICP, ann. var. %, eop) | 6.6 | 5.5 | 3.3 | 2.8 | 2.2 |
| Inflation (Core, ann. var. %, aop) | 0.8 | 5.2 | 6.0 | 2.9 | - |
| Inflation (PPI, ann. var. %, aop) | 17.3 | 35.5 | -4.7 | -3.7 | 0.9 |
Inflation picks up in May from April
Latest reading: Harmonized consumer prices were up 3.6% in annual terms in May, following a 3.5% increase in the previous month. May's reading was the strongest since May 2024. Relative to the previous month's data, there were higher price pressures for transportation (+8.0% on a year-on-year basis vs +7.0% in April), restaurants and hotels (+5.0% vs +4.8% in April) and recreation (+3.6% vs +1.3% in April). In contrast, there were reduced price pressures for food and non-alcoholic beverages (+2.2% vs +2.6% in April) and housing and utilities (+1.3% vs +1.8% in April). Meanwhile, consumer prices increased 3.2% in May, stable from the previous month's reading. Lastly, harmonized consumer prices rose 0.09% in May on a month-on-month basis, following a 0.70% rise in the previous month.
Panelist insight: Commenting on June’s inflation outlook, Camilo A. Ulloa, analyst at BBVA, stated: “BBVA Research's real-time estimates suggest a further increase in headline inflation in June […]. The mechanical effect of the partial withdrawal of energy tax breaks (electricity and gas this time) will increase the energy sector's contribution to inflation.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Spanish inflation projections for the next ten years from a panel of 34 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Spanish inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Spanish inflation projections.
Want to get access to the full dataset of Spanish inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
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Austria: Inflation accelerates in May from April -
Denmark: Inflation accelerates in May from the prior month Latest reading: Consumer prices rose 1.9% on a year-on-year basis in May, following a 1.4% increase in the previous month.... -
United Kingdom: Inflation is stable in May Latest reading: Consumer prices rose 2.8% on a year-on-year basis in May, unchanged from the previous month’s reading. The reading... -
Finland: Inflation rises in May from April Latest reading: Harmonized consumer prices rose 2.8% on a year-on-year basis in May, following a 2.4% rise in the prior... -
Netherlands: Inflation picks up in May from April Latest reading: Harmonized consumer prices were up 3.4% in annual terms in May, following a 2.5% increase in the previous... -
Italy: Inflation picks up in May from April Latest reading: Harmonized consumer prices increased 3.2% on a year-on-year basis in May, following a 2.8% rise in the previous... -
Spain: Inflation picks up in May from April Latest reading: Harmonized consumer prices were up 3.6% in annual terms in May, following a 3.5% increase in the previous...